FXWIREPRO: EUR/JPY Capped Below 10-Dma at 125.75, Momentum Bearish

FXWIREPRO: EUR/JPY Capped Below 10-Dma at 125.75, Momentum Bearish

21 March 2016, 05:36
Roberto Jacobs
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FXWIREPRO: EUR/JPY Capped Below 10-Dma at 125.75, Momentum Bearish

  • EUR/JPY is extending decline, sees strong trendline resistance at 126.20.  
  • Some rumors of a possible BOJ's intervention, lead to a slide in the Japanese currency by the end of the week. 
  • We see a Doji formation in the pair in the Asian session, breaks below 125.50 could resume weakness. 
  • Liquidity today much thinner than usual due to the Japanese bank holiday of Vernal equinox day. 
  • On the upside, resistances are seen at 125.75 (10-DMA), then 125.84 (5-DMA) and 126.20 (falling trendline). 
  • On the flipside, supports are located at 125.26 (Mar 18th lows), 125.09 (Mar 15th lows) and 124.75 (trendline). 
  • Our short call on the pair (http://www.econotimes.com/FxWirePro-EUR-JPY-rejected-at-12662-strong-trendline-resistance-good-to-sell-rallies-180266) is progressing.  

Recommend holding for targets.


The material has been provided by InstaForex Company - www.instaforex.com

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